Store brands, over the last two years, have protected or increased their market share in 75% of the top 100 consumer packaged goods categories*
For over a decade, private label brands have outpaced national brand favorites in several categories. The economy, to a significant degree, has driven consumers to explore private labels. But the economy isn’t the only driver.
Brands—all brands—are evolving. National brands are applying increasingly innovative marketing strategies. Store brands are employing tiered branding. Private label brands don’t look generic anymore. And that’s just for starters.
Bold moves? Absolutely. Scary? Only for those who refuse to adapt. In this environment, “we’ll get to it at some point” is a passive way of agreeing to allow your brand to diminish or, worst case, perish. “At some point” must turn to “now” with respect to brand currency and preference.
A package design (or re-design) might just be the key to consumer preference and, thus, market survival.
*Source: cmo.com “Store Brands Labeled a hit by consumers”